Greek Attempt To Force Use Of Electronic Money Instead Of Physical Cash Fails

Tyler Durden's picture

While the "developed world" is only now starting its aggressive push to slowly at first, then very fast ban the use of physical cash as the key gating factor to the global adoption of NIRP (by first eliminating high-denomination bills because they "aid terrorism and spread criminality") one country has long been doing everything in its power to ween its population away from tax-evasive cash as a medium of payment, and into digital transactions: Greece.

The problem, however, is that it has failed.

According to Kathimerini, "Greek businesses are not ready for the expansion of plastic money through the compulsory use of credit and debit cards for everyday transactions."

Unlike in the rest of the world where "the stick" approach will likely to be used, in Greece the government has been more gentle by adopting a "carrot" strategy (for now) when it comes to migrating from cash to digital. The government has told taxpayers that they will have to spend up to a certain amount of their incomes via bank and card transactions in order to qualify for an annual tax-free exemption.

This appears to not be a sufficient incentive however, as a large proportion of stores still don’t have the card terminals, or PoS (Points of Sale), required for card payments, while plastic is accepted by very few doctors, plumbers, electricians, lawyers and others who tend to account for the lion’s share of tax evasion recorded in the country.

Almost as if the local population realizes that what the government is trying to do is to limit at first, then ultimately ban all cash transactions in the twice recently defaulted nation as well. It also realizes that an annual tax-free exemption means still paying taxes; taxes which could be avoided if one only transacted with cash.

For the government this is bad news, as the lack of tracking of every transaction means that the local population will pay far less taxes: a recent study by the Foundation for Economic and Industrial Research (IOBE) showed that increasing the use of cards for everyday transactions could increase state revenues by anything between 700 million and 1.6 billion euros per year, and that the market’s poor preparation means that the tax burden has been passed on to lawful taxpayers. As a reminder, in Greece, the term "lawful taxpayers" is not quite the same as in most other countries.

What is more surprising is that according to data seen by Kathimerini, PoS terminals in Greece amount to just 220,000, and that despite the fact these were effectively forced on enterprises with the imposition of the capital controls, an estimated half of all businesses do not have card terminals.

Almost as if the Greeks would rather maintain capital controls than be forced into a digital currency by their Brussles overlords.

According to Finance Ministry calculations , the number of terminals the market requires for a satisfactory geographical coverage in the basic categories of small enterprises and of the self-employed to 450,000-500,000, which appears impossible for 2016.

As for consumers, the increase in the number of debit cards after the government imposed the capital controls has brought their total to 1.7 million across Greece.

And yet, despite the aggressive push to force everyone out of physical cash and into digital money, the experiment has so far failed. How long until the IMF, Troika, or Quadriga or whatever it is called these days, uses Greece as the Guniea Pig for the next monetary experiment, and "advises" the Syriza government that if it wants the bailout money to flow, it will have to do away with all physical cash within its borders. A successful implementation, first in Greece, would then mean that the global decashification process can continue in other western nations.

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.
Kissy Ass's picture

I ran out of my suboxone today. I need some.

Boris Alatovkrap's picture

Disarm population, replace wealth with abstract token, censor speech, subdue rebellion, ban private property, fait accompli.

knukles's picture

First they take away the real money: Gold and Silver
They replace it with fiat crap.
The fiat crap doesn't work, so they try to take the fiat crap away and try to replace it with electronic digits.
                                 Anybody but me see a problem here?

Y'all mean to tell me that your fiat crap you PTB created isn't working as advertised and now you want me to trust your electronic insecure no privacy digitalis?

Fuck You

Ralph Spoilsport's picture

Nothing online is safe. 2015 was a bad year for hacks into the government at all levels as well as corporate intrusions. Even buying a burger at Wendy's results in your card getting skimmed.

Motorhead's picture

A lot of "bozos" on a lot of "buses", that's for sure.

Durrmockracy's picture
Durrmockracy (not verified) Ralph Spoilsport Feb 21, 2016 8:52 PM

I have no cash to "ban".  I feel disgusted looking at it, slimy if I have to touch it.

Gold, Silver, Bitcoin:1, 2, 3.

1033eruth's picture

Liar - I'll bet you $100 you've got cash in your wallet right now.  Wish I could block your SLIMY name.  Tired of your comments.

Durrmockracy's picture
Durrmockracy (not verified) 1033eruth Feb 21, 2016 11:16 PM

...ah you got me.  I do have $70 on me but that's it.... I try and spend it as quickly as possible.  I don't hoard it and I do not covet it at all.

beemasters's picture

Meanwhile, Bitcoin is trouble.

"[It] has failed because the community has failed," Hearn wrote in a Jan. 14 blog post explaining his departure. "What was meant to be a new, decentralised form of money that lacked 'systemically important institutions' and 'too big to fail' has become something even worse: a system completely controlled by just a handful of people."

Durrmockracy's picture
Durrmockracy (not verified) beemasters Feb 22, 2016 1:03 AM

Do you think anyone in the Bitcoin community cares what Hearn says?  Most of us are glad to see him go.. and Bitcoin has rallied (in "dollar" terms since his departure for those that care about "dollars").  Bitcoin has shown its resiliance to change during the XT fiasco and showed that a few guys, no matter what their experience level is, can come in and turn Bitcoin into their own personal pet project.

mtl4's picture

War on cash is a fork in the road which leads to 2 things, either communism or totalitarianism.........nice to see Greece give the middel finger to both.

Huh Reeeally's picture

Old news and BT is up if you care to check. The war on cash essentially validates the bitcoin eCurrency model and it ensures Internet connectivity requirements for both eCurrencies and bitcoin, a big factor especially for bitcoin. The advantage may go to bitcoin since it is anonymous and its users can hold their own wallet and back it up completely, so their funds are not sitting at some exchange (bank) waiting to be bailed-in.

There will always be some form of cash, money/PMs or barter. NIRP will begin the depositor outflows from the banks and a looming cash ban will unleash a full bank run. You may not fully trust bitcoin, but do you really trust your bank?

Croesus's picture

Yeah, and "the next answer" will be Summers, Krugman, and similar deep state dickheads suggesting that we all get a chip, or a permanent laser tattoo "because the electronic 'money' isn't secure enough". 

"Gotta keep us all safe from all those bad people out there"...

Fuck you, indeed.


Ralph Spoilsport's picture

There's also a push to start using smartphones at ATMs. They're claiming better security (heh) and faster transactions.

1033eruth's picture

Nope, nice tinfoil helmet you've got or perhaps its stainless steel.  Uncle Fraud never cinches the thumb screws down except incrementally.  Do you understand what that means?  

They have all the time in the world and they would never do anything that would cause riots.  They take baby steps because this doesn't frighten the populace into action.  

Requiring chips will be VOLUNTARY at first and they will figure out a reason to justify it.  For children, mentally incompetent, FELONS, whatever.  But chipping on an involuntary basis would mean civil war.  Unless they can figure out a way to justify it from a FEARMONGERING basis, it will never happen.  

FUCK YOU and the other morons that give you thumbs up because you have your heads up your collective asses and STILL haven't figured out how Uncle Fraud operates.  JESUS H FUCKING CHRIST, its no wonder this country is doomed.  A nation of braindead zombies that think they are informed and aware. 

Ralph Spoilsport's picture

Nobody uses tinfoil anymore because it can amplify the mind control signals if used incorrectly. Experienced paranoids use a colander which already comes with holes that can be drilled out to match bandwidth or used as handy mounting holes for electrodes and USB jacks. 

Croesus's picture

@ 1033eruth: 

I guess you don't read too well...I never said anything about "Voluntary" or "Compulsory"...all I said was "deep state dickheads would suggest the idea of a chip, or a tattoo".  

It's been in the works for a long time. 

So, please tell me how I have my head up my ass? 

What verbage do you find disagreeable, that condradicts your later message in any way? 

If you do see this, and decide to respond...drop me an email, and let me know, so we can keep the discussion going:


silverliberty's picture

I believe Summers and Krugman want to keep me safe just like a rancher keeps his cattle safe.  Their only interest is to keep us all to themselves for their own private fleecing and profit.  I feel so safe knowing the theif as to actually not knowing.

WhackoWarner's picture

Is there not a warranty?  I buy my crap appliance with a warranty.


Fiat that anchors the economy shoud have a warranty,,,right?  I work for that.  So my $10/hr. should come with some kind of warranty so that I can buy a loaf of bread? Right?

WOAR's picture

You are a funny man, you know that?

crazytechnician's picture

Boris - fait accompli ?

Once all wealth and value , currency has been taken , there are no sheep left to shear.

If the sheep are depleated of value - and there is finally nothing left to steal, how can the theives survive ? on what ?

They require value creation for their own survival ? No ?

Exalt's picture

I don't think sociopaths plan for future generations of themselves. Unlike parasites, they have no concrete evolutionary imperative. More like viruses, which kill the host and themselves if they get their way.

Id fight Gandhi's picture

They can suck a bag of dicks. Sick of the war on cash push.

rlouis's picture

Great idea; call it a "war on cash," - the governments have yet to "win" a war on anything.

1033eruth's picture


You have some idiot from Harvard making a suggestion and its as if its a foregone conclusion.   BULLSHIT.  

Summers is a fucking troll and the media supports government agenda trolls.

I'll give you an analogy.  How long has Phoenix Capital been claiming that its the end of the financial world as we know it get one of your free copies?  But we have to turn in our $100 bills tomorrow because there is a war on cash? 

nmewn's picture

"The government has told taxpayers that they will have to spend up to a certain amount of their incomes via bank and card transactions in order to qualify for an annual tax-free exemption."

So its like kinder, gentler ObamaCare but for banks.

Again with this "Do it this way, not that way. Conform your life to the tax code or it will cost you moar to live." least everyone can see it now ;-)

cro_maat's picture

They need our consent.

I am sure that the new legal agreements for these cards will stipulate that all transactions are taxable. Once you consent via contract then there you cannot claim damages.

lincolnsteffens's picture

They are not going to show you the contract but they will hold you to it. That by deffinition is a fraudulent contract. Coersion also voids a contract. Ah but what difference is a little fraud between sheeple and master?

WhackoWarner's picture

Dupes.  Thing is we have all been kinder and gentler and been duped.  WTF? 

falak pema's picture

the best way to put digital money into the small business and consumer economy is to GIVE digtial money CREDITS to everybody who buys into it. A credit card and a bank account linked to a digital credit bonus!

If you start by giving 1000 euro credit to every enterprise or every household which will pay taxes you start the ball rolling.

It needs a BIGGER Carrot...simple.

If Varis were around it would already be in place!

Money is ASSET before it becomes liability! haha!

g speed's picture

I use plastic for all things business related that are "deductable" ---all other expenditures are with cash----keeps a good record of deductable items and business costs---just my way of doing things----

Lore's picture

It seems to me that the problem here is lack of perspective. What is the track record of governments and corporations managing other people's wealth?  Exactly.

Digital money is just a promise: a kind of debt. We're at the end of the debt-based monetary system and about to return to a much more honest paradigm. Banksters hate it because it can't be monopolized to the same extent: it is by nature anti-centric. The transition will be disruptive and actively resisted by vested interests, but whenever psychopaths are removed from power, prosperity follows.

WhackoWarner's picture

I figure in my complete idiocy.  I pay and keep all my redit cards as AAA....then convert that "credit" into silver/gold....I can declare a bankrupt moment can I not?  By that time I got the silver...I got the gold.


I really have no sympathy or moral considerations left for any bank anywhere.  Corzine can throw his finger up and say FU?  I figure I can do the same.

Flankspeed60's picture

".....but whenever psychopaths are removed from power, prosperity follows."

Not very often. What usually follows is that the psychopaths are replaced by even more cunning and malevolent psychopaths. Look no further than U.S. history.

Lore's picture

True enough. It's interesting how much technocrats concern themselves with inculcation of learned helplessness, like they want to test their ability to push humanity to new lows at the end of each cycle.  For all their purported progressivism, they're terrified of real competition, especially in matters of conscience. They don't get it.

Kissy Ass's picture

Buprenex if you have it..

I'm in respiratory distress so kindly hurry.

Goldbugger's picture

Hey the Greeks should ask Larry asshole Summers on what he is thinking. Maybee he has a better idea.

Insurrexion's picture



Here is the theme song for the Greeeeeeeeeeks

Enjoy The Lost Vegas

I Write Code's picture

The war is already over here, I see kids using their cards for sub-dollar purchases, and the stores let them.

Ms No's picture

When was the last time all the Bilderberger types met, Davos?  That's probably where they hatched this gem.  Now their global Oligarch puppets will all be fighting to inact it everywhere.   

Insurrexion's picture



No worries Ms. No.

We will kill them.

MSimon's picture

And hew ones will arise. Better to pension them off. It reduces resistance.

Lore's picture

Yes, let them dig their hole. As Gerald Celente says, "When people have nothing left to lose, they lose it."  Nothing wrong with a little violence against bullies from time to time. They push, push, push, until you push back:  "The tree of liberty must be refreshed from time to time with the blood of patriots and tyrants." - Jefferson

cro_maat's picture

Use cash and avoid: taxes, storage of personal data, transaction fees, self-incrimination, hacking, political labeling of terrorist, etc.?

Or use plastic / cell phone / implanted chip and become an even greater slave to TPTB?

silverer's picture

Apparently, citizens have been "Greeked" enough by their government.

T-NUTZ's picture

people don't like being told what to do with their money.


flacorps's picture

Elites hate it when serfs claim a property right in ANYTHING!

Infield_Fly's picture
Infield_Fly (not verified) Feb 21, 2016 8:21 PM

Hangovers are a bitch.

Urban Roman's picture

Woohoo, bitcoin finally made it!

wait ... what?